I plan on using an online savings account to store my COL loan money. That way you can at least make a little bit of money on your loan with no risk. As amusing as it seems speculating on oil futures is probably not the best idea, but to each their own. I did get a good laugh out of that though.

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If the present Congress errs in too much talking, how can it be otherwise in a body to which the people send one hundred and fifty lawyers, whose trade it is to question everything, yield nothing, and talk by the hour? ~ Thomas Jefferson

you could always open a money market savings account at the bank where your checking account is...this way you could dump all your loan money into a savings account that might generate a little interest, but mainly so that you can transfer the necessary funds into your checking account whenever you need to pay tuition, rent, etc. i find this helpful for myself because i'm awful at keeping track of a checking account and this way i can help seperate spending money/loan money

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gclemen1

I believe Wachovia offers a free checking account that will give you 5% interest for your first year with no minimums. Someone will have to confirm this, but I remember trying to be upsold while dopositing a check a little while back.

A short term CD, if you're positive you won't need the money before the maturation date (Indymac and Wachovia both have competitive rates right now...around 4%). A savings (HSBC-3.5%) or money market account (Indymac, which, at 3.85% is currently paying more than HSBC savings if you have more than $10k) is a more liquid option.